FOREX ANALYSIS: Canadian Dollar Forecast to Strengthen

ssi_usd-chf_body_Picture_2.png, FOREX ANALYSIS: Canadian Dollar Forecast to Strengthen

USDCAD Retail forex trading crowds have increased their net-long US Dollar (ticker: USDOLLAR) position against the Canadian Dollar, and a contrarian view of crowd sentiment favors USDCAD declines.

Crowd net positioning is now at its most bullish since the pair traded below C$0.9900 in October, and such one-sided sentiment warns that the pair could continue lower.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3592+0.0008+0.06%
    USDSGD=X
    1.4944+0.0022+0.15%
    EURSGD=X
    1.7825+0.0014+0.08%
    GBPSGD=X
    77.9930+0.93+1.21%
    SGDJPY=X
    5.7057-0.0035-0.06%
    SGDHKD=X
    2.9978+0.0076+0.25%
    SGDMYR=X
    9,669.5020-25.6777-0.26%
    SGDIDR=X
    4.9086-0.0007-0.01%
    SGDCNY=X
    1.0159-0.0038-0.37%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,318.40-2.40-0.18%
    GCQ16.CMX
    19.61-0.07-0.37%
    SIU16.CMX
    103.00+3.11+3.11%
    ^XAU
    2.230.000.00%
    HGU16.CMX
    42.80-0.12-0.28%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.140.00
    ^FVX
    1.56-0.01
    ^TNX
    2.28-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.515+0.020+4.04%
    5TP.SI
    0.141+0.004+2.92%
    B73.SI
    0.39+0.01+2.63%
    5WF.SI
    0.167+0.012+7.74%
    O9E.SI
    0.340.00+1.49%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.199+0.036+22.09%
    AZG.SI
    0.19+0.02+9.20%
    AXH.SI
    0.465+0.035+8.14%
    E8Z.SI
    0.167+0.012+7.74%
    O9E.SI
    0.190.00+1.06%
    KJ5.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.075-26.79%
    BQN.SI
    0.21-0.07-23.64%
    PA3.SI
    0.905-0.085-8.59%
    NC9.SI
    0.152-0.013-7.88%
    5LY.SI
    0.415-0.035-7.78%
    NC2.SI